Many agricultural products, such as wheat, are produced by thousands of different producers that grow essentially the same product. The market structure that best describes such a model is:

Growth in potential GDP in the United States is estimated to be about

A) 8.25% per year. B) 5.0% per year. C) 3.2% per year. D) 1.5% per year.

At age 40, Joe is considering quitting his job and going back for a college degree. He needs two more years full-time. Tuition is $10,000 per year. He earns $30,000 per year. A college degree would raise his annual income by $10,000 per year. He will retire at age 70. If these are real amounts (adjusted for inflation), then the discount rate to be used should be

A) the nominal rate of interest. B) the real rate of interest. C) the rate of inflation. D) zero.